Welcome to DU!
The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards.
Join the community:
Create a free account
Support DU (and get rid of ads!):
Become a Star Member
Latest Breaking News
General Discussion
The DU Lounge
All Forums
Issue Forums
Culture Forums
Alliance Forums
Region Forums
Support Forums
Help & Search
OWS Activists Pay Off $15mil of debt owed by Americans
In one year, a group of Occupy Wall Street activists has managed to buy almost $15 million of Americans' personal debt to help them pay off their outstanding credit.
Under the name, Rolling Jubilee, and launched one year ago today, the Occupy activists purchase anonymous debt cheaply from banks and then "abolish" it, freeing individuals from their bills.
By purchasing the debt on the "secondary debt market" at bargain basement prices, the group has managed to erase more than $14.7 million of personal debt -- mainly medical bills -- by spending only $400,000 raised through donations.
Basically, the secondary debt market is a way for banks and lenders to cut their losses after customers have proven themselves unable to pay by getting five cents on a dollar.
Under the name, Rolling Jubilee, and launched one year ago today, the Occupy activists purchase anonymous debt cheaply from banks and then "abolish" it, freeing individuals from their bills.
By purchasing the debt on the "secondary debt market" at bargain basement prices, the group has managed to erase more than $14.7 million of personal debt -- mainly medical bills -- by spending only $400,000 raised through donations.
Basically, the secondary debt market is a way for banks and lenders to cut their losses after customers have proven themselves unable to pay by getting five cents on a dollar.
http://www.goodnewsnetwork.org/business/occupy-activists-pay-off-15mil-of-americans-debt.html
